Over $160 million in lost super waiting to be found

Almost 53,000 in lost superannuation accounts, worth just under $166 million are waiting to be found by local residents, Federal MPs Tony Burke, Jason Clare and Daryl Melham said today.

A ‘lost’ super account is an account that has been inactive for over two years and the owner of the account is uncontactable.

“It is fairly common for people to lose track of superannuation accounts over their working life, often by changing jobs or moving house," Mr Burke said.

"But with potentially thousands of dollars of your money missing, why wouldn't you have a look?"

Mr Melham said that “There is no point working hard all your life only to retire poor. By finding lost super you can increase your retirement savings.”

Helping people find lost super complements the significant reforms the Government is making over the next four years to transform our superannuation system and help Australians save for a comfortable retirement."

Local residents can check if they have lost super by visiting www.ato.gov.au/superseeker at any time or calling the Super Seeker hotline on 13 28 65 during business hours. Both services are free.

Across Australia there are over 3.4 million lost superannuation accounts, worth more than $12 billion. The average amount in lost super is about $3,500, which if invested over a 20 year period equates to about $12,500 to spend in retirement.

“Superannuation is usually the second largest investment a person has, after their home. It’s your money, so don’t leave it lying around in ‘lost’ accounts. Track it down, roll it over into your current account and make sure it is there for you to help fund your retirement,” Mr Clare said.